(AFP Photo)
Emirates Airline and Group celebrated the listing of a $913m sukuk (Islamic bonds) in Dubai’s stock market early Wednesday. The company’s chairman and CEO Sheikh Ahmed Bin Saeed Al-Maktoum rang the market-opening bell.
“The listing brings the total value of Sukuk listed on Dubai’s exchanges to $34.96bn,” the company said in an official statement. The company added that this “reinforces Dubai’s position as an international centre for Sukuk activity and underlines its growth as the global Capital of the Islamic Economy”.
This is the first time sukuk were used to finance and pre-fund the acquisition of the company’s A380 aircraft, the company’s chairman said. In March 2013, the airline listed $1bn in sukuk in NASDAQ Dubai.
In April 2015, NASDAQ Dubai’s CEO Hamed Ali said its management is adopting a growth strategy based on partnerships rather than competition with local markets.
He added that its stock exchange model is gaining the legitimacy of the regional financial market. It has legislations that are compliant with international standards, provides securities that meet the needs of companies in the region to expand, and has the ability to secure funds from international investors.
